每经记者｜曾子建 每经编辑｜袁东 12月11日午间，中兴通讯（HK00763）在港交所突然发布公告称，公司正与美国司法部就有关事项进行沟通。 中兴通讯还提醒投资者，公司所有信息均以公司在其网站以及深圳证券交易所和联交所网站上发布的信息为准，请广大投资者理性投资，注意风险。 12月11日早盘，中兴通讯突发大跌。截至午间收盘，中兴通讯A股（SZ000063）跌超7%，中兴通讯H股（HK00763）跌超9%。值得注意的是，中兴通讯认 购证"中兴法巴六五购A"跌超28%。 前不久的12月1日，字节跳动豆包团队发布豆包手机助手技术预览版。与此同时，中兴通讯旗下手机品牌努比亚也对外宣布：目前，搭载豆包手机助手技术 预览版的工程样机努比亚M153少量发售，供开发者和感兴趣的朋友体验豆包手机助手。 中兴通讯在公告中表示，公司董事会已知悉近期新闻媒体针对公司涉及美国《反海外腐败法》合规性调查的报道。公司正与美国司法部就有关事项进行沟 通，并将通过法律等手段坚决维护自身权益。 公司始终坚持全面强化合规体系建设，致力于建设行业领先的合规体系。公司反对一切形式的腐败行为，对任何可能相关的个人持零容忍态度。公司目前生 产经营一切正常。 ...

Core Viewpoint - ZTE Corporation achieved a net profit attributable to shareholders of 5.322 billion yuan in the first three quarters of 2025, with 264 million yuan in Q3 2025, indicating strong performance in the domestic intelligent computing market and increasing overseas market share in the operator sector [1] Segment Summaries Network Segment - The network segment accounted for 50% of total revenue in the first three quarters of 2025, with ongoing advancements in integrated technologies such as space-ground integration and sensing integration [1] - The commercial rollout of 5G-A is ongoing, and efforts are being made to promote the evolution towards 6G [1] Computing Power Segment - The computing power segment saw a year-on-year revenue growth of 180%, contributing 25% to total revenue [1] - Revenue from servers and storage increased by 250%, while data center products grew by 120% [1] - ZTE's intelligent computing servers have entered partnerships with major domestic internet and financial companies such as BBAT, JD.com, and Meituan, and are expanding overseas collaborations [1] - The company has secured multiple core node projects in domestic data centers and is actively expanding into Latin America, North Africa, and Central Asia [1] Home and Personal Segment - The home and personal segment also contributed 25% to total revenue, with personal business revenue experiencing double-digit growth [1] - Overseas mobile phone sales increased by over 25%, with the launch of new models such as the Red Magic 11 Pro series and Nubia Z80 Ultra, which integrate the Doubao AI large model [1] AI and Infrastructure - The company is fully invested in AI, establishing a robust foundation for intelligent computing through self-developed chips, super-node servers, and high-speed switches [1] - With the commercial rollout of 5G-A and ongoing construction of computing power, the long-term development of the second curve business is viewed positively, maintaining a "buy" rating [1]

Core Viewpoint - ZTE Corporation reported a revenue of 100.52 billion yuan for the first three quarters of 2025, marking an 11.6% year-on-year increase, with a net profit of 5.32 billion yuan [1] Group 1: Business Performance - The company has adjusted its business layout to focus on three emerging sectors, which significantly supported its performance: computing business revenue grew by 180%, accounting for 25% of total revenue; home and personal business also saw growth, with its revenue share rising to 25% [1] - In the computing sector, server and storage revenue increased by 250%, while data center product revenue grew by 120%, becoming a key driver of the company's revenue growth [2] - R&D expenses for the first three quarters reached 17.81 billion yuan, approximately 18% of revenue, with a significant portion allocated to computing-related technologies and products [2] Group 2: Industry Trends - The domestic AI industry is rapidly developing, with predictions indicating that data center investments driven by cloud vendors could approach 400 billion yuan by 2025, reflecting a 79% year-on-year growth [2] - The trend of integrating AI into ICT technology is prevalent among ICT companies, with ZTE following this direction by advancing its technology layout [2] Group 3: Network Technology and Market Position - ZTE's network technology aligns with the current pace of technological evolution, with 5G-A entering commercial use and ongoing 6G research [3] - The company ranks in the second tier globally for shipments of 5G base stations and core networks, maintaining a strong market presence in fixed network products [3] Group 4: Consumer Business Expansion - The demand for smart home solutions is increasing, and ZTE is focusing on a comprehensive smart ecosystem for home and personal consumers, with stable growth in home and personal business revenue [4] - The overseas mobile phone market has performed well, with activation rates exceeding a 25% increase year-on-year, and cloud computer revenue continuing to grow rapidly [4] - ZTE has launched various AI cloud terminal products, achieving global shipments of over 6 million units and serving over 10 million cloud computer users, capturing a 44.5% market share in China [5] Group 5: Future Outlook - ZTE's transformation is showing results, with a revenue structure shifting from traditional telecom equipment to diversified businesses like computing and terminals, reducing reliance on a single market [5] - The company is well-positioned to capitalize on market opportunities as its computing business expands internationally and enterprise solutions penetrate deeper into manufacturing and other sectors [5]

Core Viewpoint - ZTE Corporation is fully embracing AI through its four core business areas: network, computing power, home, and personal, gradually forming new growth engines and building a strong industrial moat for the future [1] Emerging Business Performance - In the first three quarters of 2025, ZTE achieved revenue of 100.52 billion yuan, a year-on-year increase of 11.6%, with a net profit attributable to shareholders of 5.32 billion yuan and a non-net profit of 3.88 billion yuan [2] - The demand for computing power driven by the AI wave has led to a 180% year-on-year growth in computing power revenue, with server and storage revenue increasing by 250% [2] Building a Full-Stack Solution in Computing Power - ZTE is enhancing its network capabilities with AI as the core driver, achieving breakthroughs in 5G-A commercialization and continuing to push forward 6G technology evolution [4] - ZTE ranks second globally in the shipment of 5G base stations and core networks, maintaining leadership in various product segments [4] Response to Market Changes - In response to a significant reduction in capital expenditures from domestic telecom operators (down 16% year-on-year), ZTE is integrating AI into its ICT technology base to create new revenue growth engines [5] - R&D expenses for the first three quarters reached 17.81 billion yuan, accounting for approximately 18% of revenue [5] AI Technology Promotion - ZTE's self-developed AI large-capacity switching chips support the creation of large-scale intelligent computing clusters, with applications across various industries [6] - The company has launched the AiCube DeepSeek intelligent computing machine, which has been applied in sectors such as education, healthcare, and finance [6] Consumer Business Growth - ZTE's consumer business is experiencing steady growth, with personal business revenue showing double-digit growth and overseas mobile phone activations increasing by over 25% [7] - The company has launched innovative AI cloud terminal products, achieving a global shipment of over 6 million units and maintaining a 44.5% market share in China's cloud terminal market [8] Future Outlook - ZTE emphasizes the importance of AI technology in driving economic impact, predicting that AI will influence the global economy by over $15 trillion by 2030 [12] - The company aims to deepen the integration of AI technology into industry applications and personal life, making computing power more accessible and applications more widespread [13]

Core Insights - The company reported a revenue of 100.52 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.6%, with a net profit attributable to shareholders of 5.32 billion yuan [1][2] - The decline in domestic telecom infrastructure investment has pressured operator network revenue, while the enterprise business has seen significant growth, with a 130% year-on-year increase [1][4] - The company is focusing on AI infrastructure deployment and upgrading, achieving a 180% year-on-year growth in computing power revenue, which now accounts for 25% of total revenue [1][4] Financial Performance - Revenue for the first three quarters reached 100.52 billion yuan, with a net profit of 5.32 billion yuan and a non-recurring net profit of 3.88 billion yuan [1] - R&D expenses totaled 17.81 billion yuan, accounting for approximately 18% of revenue [4] Business Segments - The operator network revenue faced challenges due to a decline in domestic market performance, while international markets showed growth [1] - The enterprise business has experienced robust growth, with a 130% increase in revenue year-on-year [1] - Consumer business revenue has maintained steady growth, with personal business revenue achieving double-digit growth [6] AI and Technology Development - The company is integrating AI into its ICT technology base, enhancing network capabilities and expanding AI application scenarios [4][5] - The company has achieved significant advancements in AI-driven technologies, including the launch of various AI products and solutions across multiple industries [5][11] Market Position - The company ranks second globally in the shipment of 5G base stations and core networks, maintaining a leading position in fixed network products [4] - The company has a 44.5% market share in the cloud terminal market in China, continuing to lead in this segment [7] Product Innovations - The company has launched innovative AI cloud computer terminals and various consumer electronics, including the Nubia Z80 Ultra smartphone and AI-enabled home products [9][7] - The company is focusing on creating a smart ecosystem for families and individuals, integrating AI capabilities into various consumer products [6][7]

Group 1 - The Ministry of Industry and Information Technology has drafted the "Guidelines for the Construction of Computing Power Standard System (2025 Edition)" aiming to revise over 50 standards by 2027 in areas such as basic general standards, computing power facilities, and applications [4] - The domestic tourism market data for the first three quarters of 2025 shows that domestic residents made 4.998 billion trips, an increase of 760 million trips year-on-year, with a total expenditure of 4.85 trillion yuan, up 11.5% from the previous year [2][3] - The Hong Kong Stock Exchange reported that the number of new stocks listed in the Hong Kong market reached 66, raising a total of 23.5 billion USD in the first three quarters of 2025, marking a 45% increase in the number of new listings and a 192% increase in financing compared to the previous year [3] Group 2 - The Guangdong Provincial Government has issued an action plan to promote high-quality development in manufacturing through AI, encouraging local governments to establish "model vouchers" to support enterprises in purchasing industrial model services [6] - Nubia has launched the Red Magic 11 Pro series AI smartphones, integrating advanced AI capabilities, which is expected to drive growth in the global AI smartphone market, with predictions of a 54% penetration rate by 2028 [7] - The third-quarter net profit of Yingboer surged by 580.62% year-on-year, with revenues reaching 989 million yuan, a 69.4% increase [8]